Brent oil trades above $74 in week beginning July 30

International benchmark Brent crude traded at $74.40 per barrel at 06.29 GMT on Monday while American benchmark West Texas Intermediate (WTI) saw prices of $69 per barrel.

Brent crude traded at $74.50 per barrel at 11.55 GMT on Friday while American benchmark WTI saw prices of $69.47 per barrel.

Following data released by the American Petroleum Institute on Tuesday and the Energy Information Administration on Wednesday, crude oil prices showed some increases last week but these did not sustain on Friday.

Friday, July 27 saw increases in the U.S. oil rig count by three, according to oilfield services company Baker Hughes data, bringing the total number of oil rigs in the U.S. to 861 from 858 during the week before.